Completion of Rathlin Cash Investment

RNS Number : 2339S

Reabold Resources PLC

05 November 2019

 

5 November 2019 

Reabold Resources Plc

("Reabold" or the "Company")

Completion of Rathlin Cash Investment

Reabold, the AIM investing company which focuses on investments in pre-cash flow upstream oil and gas projects, is pleased to announce that it has completed the Rathlin Cash Investment.  Following the completion of the Rathlin Cash Investment, Reabold holds approximately 59 per cent. of Rathlin's issued share capital. 

Unless defined in this announcement, defined terms used in this announcement have the same meaning as set out in the Circular issued by the Company on 10 October 2019.

Stephen Williams, Co-CEO of Reabold, commented:

"We are pleased to have completed the Rathlin Investment, increasing Reabold's look through interest in West Newton to ca 39 per cent. Furthermore, Rathlin is now fully funded for an exciting 2 well programme at the West Newton B site planned to commence in Q1 of 2020. The first of these wells will further appraise the Kirkham Abbey formation, but also test the deeper Cadeby formation at a location prognosed to have good reservoir development. We look forward to the results of this near term drilling campaign."    

For further information please contact:

Reabold Resources plc Stephen Williams Sachin Oza	c/o Camarco [phone]
Strand Hanson Limited (Nominated and Financial Adviser) James Spinney Rory Murphy James Dance	[phone]
Stifel Nicolaus Europe Limited - Joint Broker Callum Stewart  Nicholas Rhodes Ashton Clanfield Camarco James Crothers Ollie Head Billy Clegg	[phone] [phone]
Whitman Howard Limited - Joint Broker Nick Lovering Grant Barker	[phone]
Turner Pope Investments (TPI) Ltd - Joint Broker Andy Thacker Zoe Alexander	[phone]

Notes to Editors

Reabold Resources plc is an investing company investing in the exploration and production ("E&P") sector. The Company's investing policy is to acquire direct and indirect interests in exploration and producing projects and assets in the natural resources sector, and consideration is currently given to investment opportunities anywhere in the world. 

As an investor in upstream oil & gas projects, Reabold aims to create value from each project by investing in undervalued, low-risk, near-term upstream oil & gas projects and by identifying a clear exit plan prior to investment.

Reabold's long term strategy is to re-invest capital made through its investments into larger projects in order to grow the Company. Reabold aims to gain exposure to assets with limited downside and high potential upside, capitalising on the value created between the entry stage and exit point of its projects. The Company invests in projects that have limited correlation to the oil price.

Reabold has a highly-experienced management team, who possess the necessary background, knowledge and contacts to carry out the Company's strategy.

 

END

 

 

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